Polkadot co-founder, Gavin Wood, resigns as the CEO of Parity

The co-founder of Polkadot, Gavin Wood, has announced his intent to resign as the CEO of Party Technologies, a blockchain infrastructure company. Wood will still be the majority shareholder in the company and will now assume the role of chief architect.

Polkadot co-founder resigns as Parity CEO

Parity is the blockchain infrastructure company that is behind the Polkadot blockchain. Wood announced his resignation on October 21, revealing that he was never interested in serving as CEO.

Wood said that while he was comfortable serving as interim CEO for a given period, he did not believe he could find “eternal happiness: serving in the role. He also added that people close to him knew he was more interested in coding, designing, and architecture.

He said,

A good CEO needs to be available to others on a far more continuous basis. They need to enjoy representing the company, both internally and externally. They need to not be bothered by large swathes of their time becoming eaten up in meetings and calls with a plethora of multicolored boxes on their calendar.

Wood also added that Bjórn Wagner would replace him as the new CEO. Wagner is also a co-founder of Parity. Wood added that he would remain the majority shareholder of the company and assume the role of chief architect in the firm.

Wood to take over as chief architect

In his role as chief architect, Wood explained that he would be involved in improving the relevance of the Polkadot network and the web3 sector. Wood added that he would start the initiative by assisting in community design and creating social platforms that will contribute to the growth of the web3 sector.

Polkadot is one of the largest blockchain ecosystems in the cryptocurrency sector. Polkadot relies on a proof-of-stake consensus, making it one of the Ethereum competitors. The Polkadot ecosystem also comprises the Kusama canary network

DOT has not reacted to the news of Wood’s resignation as Parity CEO. At the time of writing, DOT was trading at $5.82 after a 0.6% decline over the past 24 hours. DOT has dropped nearly 90% since reaching an all-time high in November last year.

Parity was initially launched as EthCore towards the end of 2015. Besides Wood, the others who assisted in co-creating the platform include Bjorn Wagner, Jutta Steiner, Ken Kappler, Aeron Buchanan, and TJ Saw.

As aforementioned, Polkadot has positioned itself as a competitor of the Ethereum blockchain. Over the past year, the Polkadot ecosystem has witnessed notable growth and adoption since it was officially launched in 2020. The auction of the Polkadot parachains earlier this year has played an instrumental role in fuelling this growth.

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